Monica Long, the President of Ripple, strongly criticized the U.S. Securities and Exchange Commission (SEC) for its regulatory approach towards the cryptocurrency industry during her speech at the Money20/20 fintech conference in Amsterdam. Long emphasized the frustration within the sector regarding the SEC’s enforcement-focused rule-making process, which she deemed ineffective and detrimental to progress.
She highlighted the efforts of the crypto industry and the Fairshake Super Political Action Committee (PAC) in supporting political candidates who advocate for laws beneficial to the cryptocurrency sector. Long noted that Fairshake is a bipartisan organization that only endorses politicians aligned with the regulatory preferences of the industry. Ripple, along with contributions from Andreessen Horowitz (a16z) and Coinbase, recently bolstered Fairshake with a $25 million donation, as reported by Crypto News Flash.
In the midst of increased regulatory scrutiny, the cryptocurrency industry, including Ripple, Coinbase, and Kraken, is facing legal challenges from the SEC for alleged securities violations. Long mentioned that Ripple is currently embroiled in a $2 billion lawsuit. Despite setbacks, efforts are underway to influence American legislation, such as the recent attempt to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 121), which could negatively impact the crypto sector. President Joe Biden vetoed the resolution, maintaining the existing regulatory landscape.
Long remained optimistic about the industry’s ability to shape regulatory decisions, despite the challenges posed by the SEC. She described the recent actions by the SEC as a “warpath” against the crypto sector but expressed hope for a shift in regulatory stance.
In terms of market performance, XRP’s price is currently at $0.5241, experiencing a slight decrease of 0.80% in the past day but showing a bullish trend with a 1.32% increase over the previous week. Long also hinted at the upcoming launch of an XRP ETF and Ripple’s partnership with Clear Junction to enhance cross-border payment capabilities in Europe.
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